Market Overview:
According to the latest research report published by DataM Intelligence, the Global Precision
Agriculture Market was valued at US$ 6,956.2 million in 2022 and is projected to reach US$ 17,848.1
million by 2030. The market is expected to exhibit a CAGR of 13.2% during the forecast period (2023-
2030). The global precision agriculture market is segmented on the basis of offering, application,
technology, and region. North America is expected to contribute significantly to the market growth due
to the region's high agricultural production and technical improvements. Major players in the market
include AGCO Corporation, Agribotix LLC, Agjunction Inc., CropMetrics LLC, Deere and Company,
Farmers Edge Inc., Grownetics, Inc., Granular, Inc, Raven Industries, and Trimble, Inc.
Precision agriculture, also known as smart farming or precision farming, is a method of agricultural
management that uses modern technology and data analytics to improve productivity, efficiency, and
sustainability in farming operations. It entails gathering information and making accurate judgments
about agricultural cultivation, irrigation, fertilization, and pest control using different techniques such as
GPS, GIS, remote sensing, drones, sensors, and data analytics.
The precision agriculture industry is expanding globally because of the rising use of new agricultural
technology. The demand for higher crop yields, resource efficiency, and sustainable agriculture methods
are vital drivers driving the industry.
Precision agricultural technology, such as GPS, drones, sensors, and data analytics, allows farmers to
optimize inputs, save costs, and increase production. Precision agriculture is likely to grow further as
farmers grasp the advantages of precision agriculture in increasing efficiency and sustainability.

Market Drivers:
According to precision agriculture market data, integrating Geographic Information Systems (GIS),
Global Navigation Satellite Systems (GNSS), and remote sensing technologies is a significant driver in the
precision agriculture industry. Farmers may use these tools to collect precise geographical data, monitor
crop health, and optimize resource allocation. Farmers may make data-driven choices, enhance
agricultural yields, cut input costs, and reduce environmental impact by integrating GIS, GNSS, and
remote sensing.
This connection improves precision agricultural operations and supports environmentally friendly
farming methods. Precision agriculture's market share in the global agricultural business has expanded
due to technological improvements.

Market Restraints:
Precision agriculture has a small market share, and the adoption and usage of Variable Rate Technology
(VRT) are poor. Despite its promise to improve resource allocation and efficiency, VRT deployment
remains modest. The complexity and expense of establishing VRT systems and the need for reliable data
gathering and analysis may discourage some farmers from fully adopting this technology.
According to the precision agriculture market report, lacking common protocols and interoperability
across various VRT systems might cause compatibility concerns and impede wider adoption. To
overcome these barriers and stimulate widespread adoption in the precision agricultural sector, proper
market analysis and education on the advantages and long-term returns of VRT are required.

Covid-19 Impact Analysis:
The COVID-19 epidemic has disrupted worldwide supply chains, creating shortages and delays in
precision agricultural technology manufacturing and delivery. Automation and remote monitoring
solutions are in high demand due to labor shortages and mobility limitations. Consumer demand and
government backing for precision agricultural technology have hastened their uptake.
Farmers recognize the advantages of real-time data analysis and digital platforms for communication
and market access; hence the industry has grown. Overall, the pandemic has emphasized the
significance of resilient and sustainable food production, propelling the precision agricultural sector
forward.

Recent Industry Developments:
1. On August 24, 2021, Semios, best known in the permanent crop market for its precision-farming
platform, is a Canada-based company. It is purchasing farm management platform Agworld to
become a standalone worldwide AgTech powerhouse. The United organization will serve
growers, agronomists, and agricultural merchants throughout the United States, Canada,
Australia, New Zealand, Europe, and South Africa.

2. On June 23, 2021, CNH Industrial N.V. announced an agreement to acquire 100% of the capital
stock of Raven Industries, Inc. (NASDAQ: RAVN), a US-based leader in precision agriculture
technology, for US$ 58 per share, a 33.6% premium to Raven Industries' 4-week volume-
weighted average stock price, and a US$ 2.1 billion enterprise value.
3. On December 2, 2021, CNH Industrial N.V. announced the acquisition of NX9, a software suite
that supplies ISOBUS core technology and applications for agricultural equipment in the United
States.

Segmentation Analysis:
As per the research analysis, the global precision agriculture market is segmented by offering into
software, hardware, and services; by application into crop scouting, field mapping, precision irrigation,
irrigation management, weather tracking & forecasting, yield monitoring, and others; and by technology
into remote sensing, guidance systems, and variable rate technology (VRT).
The global precision agriculture market is segmented based on technology into remote sensing,
guidance systems, and variable rate technology (VRT). Precision agriculture extensively uses remote
sensing technologies, such as satellite photography and aerial drones. It enables farmers to collect
information on crop health, nutrient levels, moisture content, and other critical characteristics.
This technology aids in detecting problem areas, monitoring crop development, and making educated
choices about irrigation, fertilization, and pest control. These elements are projected to promote the
segment's growth.
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Geographical Analysis:
The global precision agriculture market is segmented into North America, Europe, South America, Asia
Pacific, and Middle East & Africa.
North America Precision Agriculture Market:
North American precision agriculture has fueled tremendous expansion due to sophisticated technology
like yield monitoring and automated steering systems. These technologies assist farmers in improving
crop management productivity and efficiency. According to market research, North America has a
significant market share in the precision agriculture industry due to the region's high agricultural
production and technical improvements.
The North American precision agriculture industry is distinguished by a strong emphasis on optimizing
resource allocation, reducing environmental impact, and boosting total farm profitability. Integrating
yield monitoring and automated steering systems was critical in attaining these objectives, resulting in a
strong market outlook for precision agriculture in North America.

Competitive Landscape:
The key players in the global precision agriculture market include AGCO Corporation, Agribotix LLC,
Agjunction Inc., CropMetrics LLC, Deere and Company, Farmers Edge Inc., Grownetics, Inc., Granular,
Inc, Raven Industries, and Trimble, Inc.

Additional Benefits Post Purchase:
1) Unlimited Analyst support for a period of 1 year.
2) Any query regarding the scope offered will be addressed within 24- 48 hours.
3) An Excel sheet with market numbers will be provided separately.
The Full Report has the below insights.
• The report offers a comprehensive evaluation of the market in terms of Market Value (US$)
and Y-o-Y Growth Rates (%). It does so via in-depth qualitative insights, historical data (2020-
2021) and verifiable market size projections (2022-2029).
• Visualize the composition of the global precision agriculture market segmentation offering,
application, technology, and region, highlighting the key commercial assets and players.
o By Offering: Software, hardware, and services
o By Application: Crop scouting, field mapping, precision irrigation, irrigation
management, weather tracking & forecasting, yield monitoring, and others
o By Technology: Remote sensing, guidance systems, and variable rate technology (VRT)
o By Region: North America, Europe, South America, Asia-Pacific, and Middle East and
Africa.
• Identify commercial opportunities in the global precision agriculture market by analyzing
trends and co-development deals.
• The report also covers data insights on various industry forces such as Porter’s five forces,
regulations in each country, reimbursement scenario, technological advancements, PEST
analysis and pricing analysis.
• Excel data sheet with thousands of the global precision agriculture market-level 4/5
segmentation data points.
• PDF report with the most relevant analysis cogently put together after exhaustive
qualitative interviews and in-depth market study.
• Product mapping in Excel for the key product of all major market players.
• The report will provide access to approximately 50+ market data tables, 40+ figures and
close to 180 pages.

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